AGF Management Ltd. Has $11.31 Million Position in Wabtec (NYSE:WAB)

Key Points

• AGF Management Ltd. increased its stake in Wabtec by 11.9%, holding a total of 62,352 shares valued at approximately $11.31 million as of the last SEC filing.
• Wabtec's stock has received multiple analyst upgrades, with price targets raised by firms such as KeyCorp and Bank of America, reflecting a positive market outlook.
• The company announced a quarterly dividend of $0.25 per share, which will be paid to investors on August 28, representing an annual yield of 0.5%.

AGF Management Ltd. raised its holdings in Wabtec (NYSE:WAB - Free Report) by 11.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 62,352 shares of the transportation company's stock after acquiring an additional 6,623 shares during the period. AGF Management Ltd.'s holdings in Wabtec were worth $11,308,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Pacer Advisors Inc. grew its stake in Wabtec by 2,220.1% in the first quarter. Pacer Advisors Inc. now owns 738,038 shares of the transportation company's stock valued at $133,843,000 after acquiring an additional 706,227 shares during the period. Rhumbline Advisers boosted its position in shares of Wabtec by 3.0% during the first quarter. Rhumbline Advisers now owns 313,459 shares of the transportation company's stock worth $56,846,000 after buying an additional 9,041 shares during the period. New York State Common Retirement Fund boosted its position in shares of Wabtec by 16.0% during the first quarter. New York State Common Retirement Fund now owns 142,163 shares of the transportation company's stock worth $25,781,000 after buying an additional 19,600 shares during the period. Forsta AP Fonden boosted its position in shares of Wabtec by 40.4% during the first quarter. Forsta AP Fonden now owns 69,800 shares of the transportation company's stock worth $12,658,000 after buying an additional 20,100 shares during the period. Finally, iA Global Asset Management Inc. boosted its position in shares of Wabtec by 4.7% during the first quarter. iA Global Asset Management Inc. now owns 17,907 shares of the transportation company's stock worth $3,247,000 after buying an additional 812 shares during the period. 91.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on WAB. Bank of America upped their price objective on Wabtec from $231.00 to $236.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Morgan Stanley upped their price objective on Wabtec from $220.00 to $226.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. Wall Street Zen cut Wabtec from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. JPMorgan Chase & Co. reduced their price objective on Wabtec from $216.00 to $200.00 and set a "neutral" rating for the company in a research report on Thursday. Finally, The Goldman Sachs Group reiterated a "neutral" rating and set a $201.00 target price (up previously from $175.00) on shares of Wabtec in a report on Wednesday, April 23rd. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, Wabtec presently has an average rating of "Moderate Buy" and a consensus target price of $222.57.

Insider Transactions at Wabtec

In other news, VP David L. Deninno sold 3,000 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $201.05, for a total value of $603,150.00. Following the transaction, the vice president owned 60,450 shares of the company's stock, valued at approximately $12,153,472.50. This represents a 4.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Eric Gebhardt sold 6,151 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $202.39, for a total value of $1,244,900.89. Following the completion of the transaction, the chief technology officer directly owned 18,697 shares in the company, valued at $3,784,085.83. The trade was a 24.75% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,222 shares of company stock worth $3,083,767 over the last three months. Company insiders own 1.10% of the company's stock.

Wabtec Stock Performance

NYSE:WAB traded down $1.91 on Friday, hitting $189.06. The company's stock had a trading volume of 763,130 shares, compared to its average volume of 1,486,729. The company has a current ratio of 1.76, a quick ratio of 1.05 and a debt-to-equity ratio of 0.44. The stock has a fifty day moving average of $202.63 and a two-hundred day moving average of $193.26. The firm has a market capitalization of $32.32 billion, a P/E ratio of 28.22, a price-to-earnings-growth ratio of 1.53 and a beta of 1.11. Wabtec has a one year low of $151.81 and a one year high of $216.10.

Wabtec (NYSE:WAB - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The transportation company reported $2.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.18 by $0.09. Wabtec had a return on equity of 13.65% and a net margin of 10.92%. The firm had revenue of $2.71 billion for the quarter, compared to analyst estimates of $2.76 billion. During the same quarter in the prior year, the company earned $1.96 earnings per share. The business's revenue for the quarter was up 2.3% compared to the same quarter last year. Research analysts predict that Wabtec will post 8.54 earnings per share for the current year.

Wabtec Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 28th. Stockholders of record on Thursday, August 14th will be given a $0.25 dividend. The ex-dividend date of this dividend is Thursday, August 14th. This represents a $1.00 annualized dividend and a dividend yield of 0.5%. Wabtec's dividend payout ratio is presently 14.93%.

Wabtec Company Profile

Westinghouse Air Brake Technologies Corporation, together with its subsidiaries, provides technology-based locomotives, equipment, systems, and services for the freight rail and passenger transit industries worldwide. It offers diesel-electric, battery, and liquid natural gas-powered locomotives; engines, electric motors, and propulsion systems; and marine and mining products.